Business Directories

Damac launches new luxury project

Dubai, September 18, 2013

Damac Properties, a leading private luxury developer in the Middle East, is launching a new concept of luxury hotel living to the Burj area of Dubai, with the ‘Privé by Damac’ project.

On sale from September 21, the stylish twin tower development is one of the last remaining plots located directly on the waterfront in the Burj area with all hotel apartments having direct views over water, said a statement.

The Dh1.35 billion, 30-storey twin project is located on over 100 m of direct waterside frontage and will feature luxurious studios as well as one and two bedroom serviced hotel apartments each offering stunning views across the waterfront.

Scheduled for completion in Q3, 2016, ‘Privé by Damac’ offers a real estate choice and access to the pulsating heart of new Dubai to buyers looking for a solid investment, it said.

According to latest data released by STR Global, Dubai’s hospitality sector witnessed increases in supply of 5.81 percent and demand of 30.4 percent, while occupancy rose 23.3 percent to 72.6 percent.

Managed by Damac Maison, Privé by Damac comes complete with all of the luxury services expected in a five-star hotel, including a luxurious spa, high-end restaurants, stunning lobby areas with meeting space, a kids club and baby-sitting service with dedicated and qualified staff, and fully-fitted kitchens throughout, said the statement.

“Privé by Damac are iconic towers, with fully serviced amenities. It’s one of the last prime property spots left in the Burj area and the concept was specifically developed to create an exclusive, private space,” said Ziad El Chaar, managing director, Damac Properties.

Investors can add their units to the ‘rental pool’ service, to capitalise on the potentially impressive rental returns that are available in the market, it said.

Damac Properties has completed 8,887 units to date spanning 9.1 million sq ft. It also has a further 23,788 units at various stages of progress and planning across the Middle East region covering 28.6 million sq ft, it said. – TradeArabia News Service